On April 25, 2024, the Tohono O’odham Nation, the National Congress of American Indians, the Inter-Tribal Association of Arizona, the Association on American Indian Affairs, and the National Association of Tribal Historic Preservation Officers filed an amicus brief urging all 29 Judges on the U.S. Court of Appeals for the Ninth Circuit to rehear Apache Stronghold v. U.S. The nonprofit organization Apache Stronghold initially brought the case to protect a sacred place the Apache call Chí’chil Biłdagoteel, which translates into English as “Oak Flat” from being transferred to a mining company, Resolution Copper.
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This week, we examine a pair of Ninth Circuit decisions
addressing when opinions are materially false under securities law,
and what a plaintiff must plead to
establish
The Ninth Circuit holds that statements of opinion can be
materially false, and thus actionable under SEC Rule 14-a9, where
they convey misleading information about the speaker s basis
for holding that view.
The Panel: Judges Fernandez,
Wardlaw, and Collins, with Judge Wardlaw writing the
opinion.
Key highlight:
Omnicare s elucidation of what facts a statement of opinion may convey and the
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